Sterling Group Ventures, Inc. ("Sterling") is a natural resource company headquartered in Vancouver, Canada. Sterling signed two agreements (the "Agreements") with Chenxi County Hongyu Mining Co. Ltd. ("Hongyu") and its shareholders ("Hongyu Shareholders") regarding the Gaoping phosphate mine (the "GP Property') located in Tanjiaxiang, Chenxi County, Hunan Province, China and other phosphate resources in Hunan Province. There are about 43.8 million shares outstanding which are quoted on the OTC bulletin board under the symbol SGGV and on the Berlin Bremen Stock Exchange under the symbol GD7.
Hongyu is a Chinese private mining company with connections and resources in Hunan, China. Hongyu is interested in exploring, developing and expanding its phosphate business. Hongyu is the holder of a mining permit (the "Permit") covering the GP Property located in Tanjiaxiang, Chenxi County, Hunan Province, China. The GP Property is a sedimentary phosphate type deposit. The mining permit allows initial production up to 100,000 tonnes phosphate ore per year. GP Property holds 58.16 million tonnes of phosphate resources with a grade of 19.8% P2O5 based on a geological report by Hunan Chemical Geological Exploration Institute.
Under the terms of the Agreements, Sterling agrees to put the phosphate Property into production.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.